Evernorth Lands $30M Convertible Financing Ahead of Nasdaq Listing

Evernorth Holdings has secured $30 million in convertible-note financing from NH Investment & Securities. The deal is tied to Evernorth's planned merger with Armada Acquisition Corp. II and is contingent on the completion of the business combination.

The financing will provide Evernorth with additional capital for XRP purchases as it prepares for its Nasdaq listing under the ticker XRPN, expected in Q4 2026. The combined company will have South Korean institutional capital and continued backing from Ripple, Pantera Capital, and SBI Group.

Evernorth's founder and CEO Asheesh Birla stated that the company aims to build an actively managed XRP treasury with transparency and governance demanded by public markets. The new financing gives Evernorth another potential source of capital as it builds its XRP-focused treasury.